May 20, 2017 / 8:45 AM / 2 months ago

Saudi Aramco: looking for opportunities to expand in U.S. over 10 years

1 Min Read

RIYADH (Reuters) - National oil firm Saudi Aramco is looking for opportunities to expand in the United States over the next 10 years, and wants to develop the business of its Motiva refinery in that country, chief executive Amin Nasser said on Saturday.

"Motiva is something we are considering seriously to look at expanding its footprint in the United States," he told Reuters on the sidelines of a conference of U.S. and Saudi business executives, coinciding with the visit of President Donald Trump to Riyadh.

Nasser added, "Through our investment there we are looking at the next 10 years for expansion in the U.S. and identifying greater opportunities for growth...We are looking at both refining and petrochemicals."

Motiva was originally a joint venture between Aramco and Royal Dutch Shell but the partners plan to divide up the venture in the second quarter of 2017. As part of the deal, Aramco will make a $2.2 billion balancing payment to Shell.

Reporting by Reem Shamseddine; Writing by Andrew Torchia

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